A lone crypto trader has placed a $194 million wager that bitcoin and ether will continue their upward momentum.

Large traders on Hyperliquid are ramping up leveraged bets on Bitcoin and Ethereum as BTC rebounds toward $71,000, with many positioning for a push above the $75,000 mark.

Activity on the perpetual futures platform shows crypto traders placing increasingly aggressive long positions following bitcoin’s sharp rally earlier this week. The largest cryptocurrency climbed to roughly $71,000 on Tuesday after opening near $65,000 when futures trading resumed on Sunday evening.

The rebound has revived expectations that bitcoin could revisit recent highs after briefly being rejected near $74,000 last week.

On-chain data indicates that several large traders — commonly known as whales — have opened sizable leveraged long positions on Hyperliquid as prices continue to rise.

One trader currently holds combined long positions in bitcoin and ether worth about $194 million, with unrealized profits sitting near $6.5 million. Another account has built roughly $103 million in long exposure across multiple trading pairs, signaling a bet on a broader crypto market breakout rather than a rally driven solely by the largest tokens.

Trades on Hyperliquid are typically opened using leverage, enabling traders to control significantly larger positions than their initial capital. In one example, a wallet used 20x leverage to open a series of positions — meaning a $1 million account could command a $20 million bitcoin trade. The trader established 20x leveraged longs on 600 BTC valued at around $42.5 million, while also opening a 20x leveraged position on 20,000 ETH worth approximately $41.2 million.

The same whale appears to be accumulating ether in spot markets as well. Data shows the address spent $21 million in USDC to purchase 10,158 ETH at an average price of $2,067 shortly before entering the derivatives trades.

Together, the cluster of nine-figure positions suggests traders are increasingly confident that the current rally could evolve into a sustained breakout rather than a short-lived bull trap similar to last week’s move.

Not all participants share the same outlook, however. A separate wallet, 0x985f, is taking a different macro view. The address deposited $9.5 million in USDC into Hyperliquid over a five-hour period before opening 20x leveraged short positions tied to oil markets, including about $8.17 million in crude oil contracts and $6.15 million in Brent oil futures.

The same account also opened short positions across several crypto tokens — including HYPE, PUMP, XPL, APT and ASTER — indicating a more bearish stance on select altcoins even as large traders concentrate bullish bets on bitcoin and ether.

The positioning underscores how decentralized derivatives venues like Hyperliquid have become key arenas for large leveraged trades during periods of strong bitcoin momentum.

If bitcoin manages to break above $75,000, it could trigger a wave of short covering that accelerates the rally. A pullback, however, would quickly test the conviction of traders currently holding massive leveraged long positions.